Is Memphis, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Memphis was a Buyer's Market.
Housing Prices in Memphis, TN
How much do homes in Memphis, TN cost?
Median Sold Price
$195,677
$130/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Memphis was $195,677 in April 2024, down 2.1% from last year, and the median price per square foot was $130.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $97K | $137.5K | +41.8% |
2 Bedrooms | $115K | $126.2K | +9.8% |
3 Bedrooms | $189.4K | $178.2K | -5.9% |
4 Bedrooms | $295K | $274.6K | -6.9% |
5+ Bedrooms | $365K | $421K | +15.4% |
Summary: Memphis housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 41.8%, 2 bedroom homes increased by 9.8%, 3 bedroom homes decreased by 5.9%, 4 bedroom homes decreased by 6.9%, and 5+ bedroom homes increased by 15.4%.
Median Sold Price Compared To Nearby Cities
Germantown | $450K | $495.7K | +10.2% |
Bartlett | $334.9K | $329.1K | -1.7% |
Memphis | $199.9K | $195.6K | -2.1% |
Lakeland | $485K | $475K | -2.1% |
Cordova | $310K | $300.2K | -3.1% |
Housing Supply in Memphis, TN
How many homes are available in Memphis, TN?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
2,578 | 2,915 | +13.1% |
Summary: The Memphis real estate market had 2,915 homes for sale in April 2024, a 13.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 43 | 56 | +30.2% |
2 Bedrooms | 442 | 499 | +12.9% |
3 Bedrooms | 1,374 | 1,517 | +10.4% |
4 Bedrooms | 572 | 650 | +13.6% |
5+ Bedrooms | 147 | 193 | +31.3% |
Summary: The Memphis housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 30.2%, 2 bedroom homes increased by 12.9%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes increased by 31.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
473 | 471 | -0.4% |
Asking Price vs. Sold Price
272 Homes Were Sold
Under Asking
122 Homes Were Sold
At Asking
75 Homes Were Sold
Over Asking
Summary: A total of 471 homes were sold or pending in Memphis in April 2024, down by 0.4% month-over-month. Of the 469 sold homes, 58% were sold under asking, 26% were sold at asking, and 16% were sold over asking.
Days on Market for Memphis, TN
We’re sorry, we don't have information for this market at the moment